How technology helps spur growth for small businesses?

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Technology brings innovation. Innovations have the capability to help business stand out from the competition. Thinking about our forefathers running their business without email, internet, mobile, marketing, telecommuting, or smart phones, would definitely raise goosebumps. With technology booming up at such a rapid pace, small businesses have started looking at it as a critical tool.

“Small businesses look to technology as a critical tool to increase efficiency and grow business networks, which is particularly important now given the downturned economy,” said Larry Nannis, NSBA chair, in a foreword to the study.

Let us take a look at the benefits of types of technologies to our business’s prosperity.

Enterprise Resource Planning (ERP)

Focus on customers and end results. Allows open communication between suppliers, vendors, customers, and all other facets of the business.

Set up a company with a standard set of business practices organization wide. ERP solutions allow each department to operate in the same way. It will remove the geographical boundaries in terms of hiring, placing orders, and running operations in a same style as per the business needs.

Business Intelligence (BI)

Helps in collecting data, such as customer information, sales data, statistics, profitability, etc. This data can be organized in a desired way to display progress and help aid in decision making for the future.

Aids the company in using its own data to determine future revenue and progress.

Human Resource Management System (HRMS)

Overcome the challenge of sustainability, such as taking immediate action to introduce, orientate, prepare guideline, provide high quality products and services; and especially use the right person in the right position and provide on-job training to gain staff capacity.

Internet of Things (IoT) and Cloud

Now with the upcoming technology, such as IoT and Cloud, you can bring your data together in new ways to flourish business.

Technology helps small businesses become more effective and competitive in a world, where large corporations with deep pockets are always striving to create a monopoly.